At the height of the financial crisis, Governments authorised a massive injection of public funds to rescue ailing private financial institutions in order to prevent a collapse of the financial system.

The Committee is taking evidence on the extent to which the structure of the current financial system should be reformed, and certain activities regulated, on the grounds of systemic risk.

This is followed by a one-off session with representatives of the audit and accounting profession. It is an opportunity to follow-up recommendations made by the Committee in its report on reforming corporate governance and pay in the City.

The Committee will also be seeking information on any recent developments in audit and accounting, with a particular emphasis on regulation and the future role of auditors in banks and other financial institutions.